Mel Morris has agreed to write off £100 million worth of ‘soft loans’ owed to him by Derby County, according to the Daily Mail.
The Rams owner has pumped in over nine-figures worth of money into the club since he took over back in 2015, but he is not expecting that money back after putting County into administration.
It comes with the Mail’s revelation that including the figures of the ‘soft loans’, Derby’s debts are not the £60 million that was originally reported but a massive £200 million instead.
Quiz: Have Derby County ever been involved in these 18 scenarios?
That figure is drastically reduced thanks to Morris not asking for his money back for the loans but the likes of HMRC, former manager Phillip Cocu, Premier League giants Arsenal for the transfer of Krystian Bielik and American investment firm MSD Capital are all owed in total of around £53.5 million.
The Mail understand that there is just over three months worth of cash in the bank to run the club ‘panic-free’ if a takeover is yet to be sorted by then, and by the time the 100 days are up the January transfer window would then be open for potential player sales if funds need to be raised.
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It seems like a good thing for Morris to do but it’s the least that could be expected considering he’s plunged the club into a crisis.
Soft loans are always favourable towards the party that has borrowed the money and it’s hardly ever expected back, and the amount that Morris has spent over the years it would have been a surprise if he ever did ask for it to be returned.
It would have been a good idea for it not to get to this stage in the first place, however Morris cannot go back in time now and he has probably become the most hated man at the club for a long, long time and it could be a long battle back for the Rams to get back to how they once operated.